Groupe Casino has announced it is selling six ‘structurally loss-making’ stores for a combined total of €18.3 million.
The group announced it is selling a Géant hypermarket in Barberey-Saint-Sulpice to a Leclerc operator.
It is also selling a portfolio of five stores, including four Casino supermarkets and one Leader Price, to Groupement Les Mousquetaires.
In 2018, these stores represented a turnover excluding tax of approximately €43 million, Casino said, and a trading loss of approximately €3 million.
‘The agreements signed provide for the continuation of the employment contracts of the employees of these stores, in accordance with legal rules,’ Casino said.
The sale of the stores is expected to be completed in the second half of 2019, subject to competition and regulatory approval, and consultation with employee representative groups.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.